Rekha Jhunjhunwala, a prominent business figure in India and widow of Rakesh Jhunjhunwala - often referred to as the Big Bull of Indian stock markets, has made significant real estate acquisitions through Kinnteisto LLP. The purchases include four floors in 'The Capital' building at BKC, totaling 1.26 lakh square feet, and the 8th floor in the Boomerang building in Chandivali, spanning over 68,195 square feet. The total investment for these key office spaces amounted to Rs 740 crore.
In October 2023, Kinnteisto LLP made two substantial commercial property acquisitions in Mumbai. The first transaction involved buying the Chandivali office space from Kanakia Spaces Realty Pvt Ltd for ₹137.99 crore. Later that month, the firm acquired the area across four floors in 'The Capital' building at BKC from Wadhwa Group Holdings Pvt Ltd for ₹601 crore. These deals were disclosed by Propstack.
The transactions also involved a payment of Rs. 44.06 crore as stamp duty for these properties. In addition to the office spaces, the properties provide access to 234 parking slots, with 110 parking slots in the Boomerang building and an additional 124 parking spaces in 'The Capital', adding further value to the acquisitions.
These purchases come on the heels of a notable increase in Rekha Jhunjhunwala's stock holdings. As of the end of September, she held 25 stocks worth over Rs 35,687.6 crore, marking a significant rise from Rs 10,977 crore the previous year. This information was revealed through corporate shareholdings filings, despite unanswered queries regarding her recent acquisitions.
Jhunjhunwala mentioned that these purchases were made as family investments with a long-term perspective. She highlighted the strategic positioning of these properties, particularly BKC one of Mumbai's most expensive commercial zones, rendering them secure investments. The properties are leased to marquee tenants, assuring potential for good returns.
The latest real estate acquisitions and growth in stock holdings underscore Rekha Jhunjhunwala's active presence in the Indian business landscape.
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